Orleans

With one record-setting lease sale just completed, the Minerals Management Service (MMS) has scheduled the next Gulf of Mexico (GOM) oil and gas lease sale to be held in New Orleans on Aug. 20.

New Orleans-based McMoRan Exploration Co. expanded its position in the Gulf of Mexico after completing its purchase of the Gulf of Mexico Outer Continental Shelf (OCS) properties of Newfield Exploration Co. for $1.08 billion (see NGI, June 25). The properties include 124 fields on 148 offshore blocks that produced 260 MMcfe/d in 2Q2007. Proved reserves as of July 1 are estimated at 323 Bcfe, which is 70% weighted to natural gas. About 90% of the proved reserves for the acquired properties were based on estimates by Ryder Scott Co. LP. McMoRan acquired 1.3 million gross acres of offshore leases and a 50% interest in Newfield’s nonproducing exploration leases on the OCS. It also acquired some of Newfield’s interests in leases associated with its Treasure Island prospect inventory. McMoRan said it is retaining personnel and contractors who have supported Newfield’s management of the acquired properties. In addition, McMoRan and Newfield plan to jointly pursue exploration activities on nonproducing leases on the OCS held by Newfield.

New Orleans-based McMoRan Exploration Co. expanded its position in the Gulf of Mexico after completing its purchase of the Gulf of Mexico Outer Continental Shelf (OCS) properties of Newfield Exploration Co. for $1.08 billion (see Daily GPI, June 22).

New Orleans-based independent McMoRan Exploration Co. last week said its natural gas volumes in the first quarter surged 78% to 3.85 Bcf. However, the producer’s revenue growth was offset by higher production costs, which weighed on profits.

Natural gas volumes in the first quarter surged 78% to 3.85 Bcf for New Orleans-based independent McMoRan Exploration Co. However, revenue growth was offset by higher production costs.

The 5th U.S. Circuit Court of Appeals in New Orleans has ruled that Enron Corp. shareholders may not proceed with a class action lawsuit against the company’s former investment banks for their alleged role in the accounting fraud that destroyed the company. The appeals court’s ruling reverses a decision by U.S. District Judge Melinda Harmon in Houston. Harmon approved the original class action lawsuit by the shareholders, and she then expanded it in January, allowing 30 state attorneys general to join the case (see NGI, Jan. 15). The 5th Circuit opinion read in part, “As we have recognized, class certification may be the backbreaking decision that places ‘insurmountable pressure’ on a defendant to settle, even when the defendant has a good chance of succeeding on the merits.” William Lerach, one of the shareholders’ attorneys, said the legal team likely will appeal the ruling “as quickly as possible.”

The 5th U.S. Circuit Court of Appeals in New Orleans Monday ruled that Enron Corp. shareholders may not proceed with a class action lawsuit against the company’s former investment banks for their alleged role in the accounting fraud that destroyed the company.

New Orleans-based Energy Partners Ltd. announced last Monday that it has concluded a process during which it solicited bids to buy the company, but it did not receive a definitive offer.

New Orleans-based Energy Partners Ltd. announced Monday that it has concluded a process during which it solicited bids to buy the company, but it did not receive a definitive offer.